Speaking to reporters before attending the weekly Cabinet meeting at Government House, Pichai said he will meet with the Thai Bankers’ Association to discuss ways to address the household debt burden, which is seen as a key factor hampering economic growth.

The Thai government is working on a raft of fresh fiscal measures to sustain an economic recovery, foster new foreign investment and lower the near-record household debt, Thai Prime Minister Paetongtarn Shinawatra's top aide has said.

The rising debts of households in Thailand have prompted financial institutes to employ stricter criteria in granting auto loans, resulting in the automotive industry's production and sales down in January compared to the same period last year, according to the Federation of Thai Industries (FTI)’s Automotive Industry Club.

The Bank of Thailand (BoT) have signed a cooperation agreement with 16 commercial banks, Thai Bankers Association and Sukhumvit Asset Management Company to solve household debts without guarantee.